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The Markets
by Proactive
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The Markets
by Proactive
Proactive UK has moved.
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FTSE100 heads lower as market runs out of positives

Britain's top share index closed almost 20 points lower...

Britain's top share index closed almost 20 points lower as traders mulled over Greece, or the lack of fresh news, gold and a clutch of US earnings reports later.

FTSE100 ended Tuesday at 6,769 - 0.39% lower.

EasyJet (LON:EZJ) was the biggest laggard, down 3.2% to 1,666p as Commerzbank repeated a 'sell' on the shares.

Conversely, car insurers were heading north, with Admiral the biggest gainer on Footsie, up 4.47% and Direct Line (LON:DLG) adding 0.67%.

They were boosted as it emerged there was an increase in vehicle premiums in the second quarter this year, according to a report.

The gold price stabilised today after coming off crashing five year lows on Monday, which sent some stocks gaining. Fresnillo (LON:FRES) added 3.66% to 652p.

Centamin (LON:CEY), over on the 250, also gained 3.36% to 55.4p.

Petropavlovsk (LON:POG) added 2.38% to 6.45p.

The Russia-based gold producer has instigated another round of cost cuts to offset the impact of the slide - by lowering its cash costs targets from US$700 per oz to US$600.

Chairman, Peter Hambro, said: “In the lower gold price environment we are aiming to maximise cost benefits.”

Chris Beauchamp, at IG, said the markets had simply run out of good news.

"For days now stock markets have been watching their forward momentum wind down — what little excitement there was about Greece has now disappeared, and while this is no bad thing for tired journalists and analysts, it does leave European markets looking a little bereft of positive catalysts."

In equities, white goods retailer AO World (LON:AO.) bounced 3.17% to 123.5p after reporting a sales pick-up this month. Some dealers said the price could reach 185p.

Telecoms group Cable & Wireless Communications (LON:CWC) reversed 2.17% to 67.55p as it reported flat first quarter mobile revenue versus the same time last year.

Royal Mail dropped 0.29% to 510p as it blamed lower letter volumes for flat revenue despite an upturn in parcel business.

Imperial Leather soap maker PZ Cussons (LON:PZC) lost 0.75% to 357.3p as it said currency volatility had affected results despite strong performances by washing and beauty products.

ECR Minerals (LON:ECR) jumped 8.33% to 0.065p after further positive results from trenching and test pitting at the Itogon gold project in the northern Philippines.

Enterprise services and marketplace provider Blur (LON:BLUR) surged 20.41% to 29.50p as buyers and service providers rose 30% at the end of the first half.

ValiRx (LON:VAL) shares were boosted by over 24% to 41p as it revealed it was to increase the dose of cancer treatment VAL201 to an expected therapeutic level.

It comes after no adverse effects in the Phase I/II trial in advanced prostate cancer.

Shares added 24.24% to 41p.

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